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I'm stuck short the EURUSD!

  • Post #1
  • Quote
  • First Post: Edited 3:30pm Nov 24, 2006 1:20pm | Edited 3:30pm
I just woke up now and got surprised when I saw EUR/USD was 1.3090.

I opened a short position with 50000 lots before I went to bed because I thought it will go back to 1.2900. My unrealized profit is about -$800. Do I have to close it now or do I have to wait until next week?

It is so painful.
When I buy it, it moves down. When I sell it, it moves up.
ask to the bankers in london that now are making a party ...
Good thing its only a demo
Same Whore .... Different Dress
  • Post #4
  • Quote
  • Edited 3:09pm Nov 24, 2006 1:39pm | Edited 3:09pm
Quoting johnedoe
Good thing its only a demo
It is not a demo. It is a live account.
When I buy it, it moves down. When I sell it, it moves up.
yeah i lost about $18 bucks last night cuz i thought we were rolling into wave 2. boy was i wrong
Quoting pujolshomerun
I just woke up now and got surprised when I saw EUR/USD was 1.3090.

I opened a short position with 5000 lots before I went to bed because I thought I will go back to 1.2900. My unrealized profit is about -$800. Do I have to close it now or do I have to wait until next week?

It is so painful.
I'm not sure what your plan was, but it seems you trade without a plan and without a stop loss. Otherwise, you are not asking for an advice on how I should do for my opened position. And, in my opinion, you'd better close it and move on.

I know it's painful, but it's your fault though trading without a stop loss. You just broke the golden rules of trading. Just imagine if you traded for a hedge fund and this situation happened. What would you say to your boss? What would you say to your clients?

I'm sorry if I'm a little bit attacking you. But, in order to success in this business, you have to treat your money as your clients' money because you'd respect risk. You'd trade with a plan. And although you're losing money, you have the reason to back it up and it's not gonna be as painful as what you're experiencing now.

Wish you all the best.

- SkYliNe -
"Even the word impossible says that I M possible"
Quoting jrod
yeah i lost about $18 bucks last night cuz i thought we were rolling into wave 2. boy was i wrong
Well, 18$ is nothing think that now in london thanks to you , they are only eating a crap pizza on the street !

There are people that only them gave out so much money to let one of those big palyers to buy a brend new mercedes

I lost not much fortunalty. i gave them maximum a crap pentium celeron laptop in this week, but I took much more since now fortunatly
I am sorry for you first of all.

I am not going to be too tough but, you really have to stuck to a plan.
I do not discuss whether your short was the right decision or not, no.

But in foreign exchange markets, there is nothing guaranteed, even if you followed a signal or you are the perfect trader. A tight stoploss above 1.2980 wouldn't hurt you seriously. But learn from this now on, always use stoploss, dont depend on margin. Ofcourse some trades are exceptional, but I do not consider EURUSD short is that one, as the pair was already near year high.
Forex is not easy!
I suggest holding it until monday. earn some interest on your position. place stop loss 10 pips above today's high. if it breaks that ... then we cold be going up some more.
Quoting nitman
I suggest holding it until monday. earn some interest on your position. place stop loss 10 pips above today's high. if it breaks that ... then we cold be going up some more.
I would suggest the same as nitman. It's all part of "Research and Development"
I think nitman knows his stuff too !!!
Quoting pujolshomerun
It is not a demo. It is a live account.
I used to have yr kind of thinking. Always looking for quick reversal when price is up and up... trending. Never pick top/bottom. Just concentrate on the meat in-between.
The future depends on what we do in the present.
If you look at the charts for the 9 hours before the market closed for the weekend, while icable is making lower highs, fiber is making higher highs.

I would be looking to getting out of that position unless omething dramatic occurs over the weekend which changes the bullish aspect of fiber. I would have somewhat less concern for a cable short, although even that would be against the trend.

The other way to look at it, and depending how -pips you are at present, is that ultimately everything which goes up has to come down again. If you have the margin, it is possible to hold onto the position until it turns around. One thing you have to think about when doing something like that is that you are tying up margin which could be making you pips. Unless you have an unlimited account, the possibility of using the funds to generate pips may outweigh the desire to hold onto the trade. And remember that if you bail out, you can get in short at a much better entry position when it turns around and recoup all the pips you lost and more.
Quoting pujolshomerun
I just woke up now and got surprised when I saw EUR/USD was 1.3090.

I opened a short position with 50000 lots before I went to bed because I thought it will go back to 1.2900. My unrealized profit is about -$800. Do I have to close it now or do I have to wait until next week?

It is so painful.
i make > 100pips for EUR USD on demo only.
THink the uptrend is intact. no near term reversal.
My 1 peanut worth of opinion only.
A correction is most likely possible. But in the long term, I'm dollar bearish. I'm already short GBP/USD and at close today, I was up 27 pips. I'm expecting it to fall back to the 1.9100 level, before moving up any higher.
Quoting pujolshomerun
I just woke up now and got surprised when I saw EUR/USD was 1.3090.

I opened a short position with 50000 lots before I went to bed because I thought it will go back to 1.2900. My unrealized profit is about -$800. Do I have to close it now or do I have to wait until next week?

It is so painful.
one word.. lack of stoploss.. secondly.. eur has ben good to me
BECAUSE I CAN !
close, wait for euro to top out, take a nice short and ride it down to recover your losses.
1. 50000 lots? you should look up what a "lot" stands for.
2. no stop loss, no plan - game over.
3. nobody knows what is going to happen. not now, not later. everybody just playes their odds.
4. For now there is no top yet.. while it could retrace, it could also jumpstart up before it. So just exit or put a 10-20 pip stop above the current high and try to trail stop it down if it moves.
5. Open up a demo again.
Quoting piccolo
1. 50000 lots? you should look up what a "lot" stands for.
2. no stop loss, no plan - game over.
3. nobody knows what is going to happen. not now, not later. everybody just playes their odds.
4. For now there is no top yet.. while it could retrace, it could also jumpstart up before it. So just exit or put a 10-20 pip stop above the current high and try to trail stop it down if it moves.
5. Open up a demo again.
He meant 50,000 units. Only half a lot.
I am short euro/usd as well. I am averaging in Monday if there is any sign of USD strength.
The market is my nation. Traders, my family. Hello, brothers and sisters!
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